Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Second Quarter 2017 Results

 

LOUISVILLE, KY. (July 31, 2017)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended June 27, 2017.

 

 

 

Second Quarter

 

Year to Date

 

($000’s)

 

2017

 

2016

 

% Change

 

2017

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

566,262

 

$

508,808

 

11

%

$

1,133,948

 

$

1,024,367

 

11

%

Income from operations

 

54,214

 

49,782

 

9

%

103,236

 

102,593

 

1

%

Net income

 

37,581

 

33,605

 

12

%

71,894

 

69,198

 

4

%

Diluted EPS

 

$

0.53

 

$

0.47

 

11

%

$

1.01

 

$

0.98

 

3

%

 

Results for the second quarter included the following highlights:

 

·                  Comparable restaurant sales increased 4.0% at company restaurants and 3.6% at domestic franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 28 basis points to 18.9%, primarily driven by wage rate inflation, partially offset by the benefit of lower food costs;

·                  Diluted earnings per share increased 11.0% to $0.53 from $0.47 in the prior year; and

·                  Seven company-owned restaurants were opened, including two Bubba’s 33 restaurants.

 

Results for the year-to-date period included the following highlights:

 

·                  Comparable restaurant sales increased 3.6% at company restaurants and 3.8% at domestic franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 25 basis points to 19.4%, primarily driven by wage rate inflation, partially offset by the benefit of lower food costs;

·                  A pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, was recorded in the first quarter of 2017, related to the settlement of a previously disclosed legal matter.  The impact of the legal charge was partially offset by a pre-tax charge recorded in the first quarter of 2016 of $5.5 million ($3.4 million after-tax) related to a separate legal matter which had an impact of $0.05 on diluted earnings per share;

·                  Diluted earnings per share increased 3.1% to $1.01 from $0.98 in the prior year; and

·                  13 company-owned restaurants were opened, including two Bubba’s 33 restaurants.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased with our results for the second quarter highlighted by double-digit growth in both revenue and diluted earnings per share.  In addition, our comparable restaurant sales growth, driven by traffic gains, continues to be solid with an increase of 4.6% for the first four weeks of the third quarter.  We are on track to open 27 to 29 company restaurants this year.  Looking ahead, we remain focused on our long-term growth potential as we continue to fill our new restaurant pipeline for next year and beyond.  Finally, the strength of our balance sheet and cash flow allow us to internally fund our new restaurant growth and return excess capital to shareholders through dividends and share repurchases.”

 

2017 Outlook

 

Comparable restaurant sales at company restaurants for the first four weeks of our third quarter of fiscal 2017 increased approximately 4.6% compared to the prior year period.

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, July 31, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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